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Vongroup's (HKG:318) Earnings Are Of Questionable Quality

Vongroup's (HKG:318) Earnings Are Of Questionable Quality

黄河实业(HKG:318)的盈利质量堪忧
Simply Wall St ·  09/08 20:11

Despite announcing strong earnings, Vongroup Limited's (HKG:318) stock was sluggish. We think that the market might be paying attention to some underlying factors that they find to be concerning.

尽管宣布业绩强劲,黄河实业有限公司(HKG:318)的股票表现疲软。我们认为市场可能关注了一些他们认为令人担忧的潜在因素。

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SEHK:318 Earnings and Revenue History September 9th 2024
SEHK:318利润和营业收入历史 September 9th 2024

In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Vongroup expanded the number of shares on issue by 9.4% over the last year. As a result, its net income is now split between a greater number of shares. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of Vongroup's EPS by clicking here.

为了了解每股回报的潜力,有必要考虑公司股东的稀释程度。黄河实业在过去一年中发行的股票数量增加了9.4%。因此,其净利润现在被分配给更多的股份。把净利润当回事,却忽略了股份稀释,就像因为你有一个更大比萨的一个片,而忽视了比萨现在切成了更多的份。您可以点击这里查看黄河实业的每股收益图表。

How Is Dilution Impacting Vongroup's Earnings Per Share (EPS)?

稀释如何影响黄河实业的每股收益(EPS)?

Vongroup has improved its profit over the last three years, with an annualized gain of 4.4% in that time. In contrast, earnings per share were actually down by 22% per year, in the exact same period. And at a glance the 56% gain in profit over the last year impresses. On the other hand, earnings per share are only up 41% in that time. And so, you can see quite clearly that dilution is influencing shareholder earnings.

黄河实业在过去三年中提高了利润,年化增长率为4.4%。相比之下,在同一时期,每股收益实际下降了22%。而仔细一看,过去一年利润增长56%令人印象深刻。另一方面,与此同时,每股收益只增长了41%。因此,可以清楚地看出稀释正在影响股东的收益。

In the long term, earnings per share growth should beget share price growth. So it will certainly be a positive for shareholders if Vongroup can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.

从长远来看,每股收益增长应该带来股价增长。因此,如果黄河实业能够持续增长每股收益,股东肯定会受益。然而,如果其利润增加而每股收益保持平稳(甚至下降),那么股东可能不会获得太多利益。对于普通的零售股东来说,每股收益是一个衡量您对公司利润的假设“份额”的好指标。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Vongroup.

注意:我们始终建议投资者检查资产负债表强度。点击此处查看我们对黄河实业的资产负债表分析。

The Impact Of Unusual Items On Profit

除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。

Finally, we should also consider the fact that unusual items boosted Vongroup's net profit by HK$3.2m over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).

最后,我们还应考虑到,飞凡的净利润在过去一年中受到非常规项目的推动,增加了320万港元。虽然我们喜欢看到利润增长,但当非常规项目做出了巨大贡献时,我们往往会更加谨慎。当我们对数千家上市公司的数据进行分析时,我们发现一年中受到非常规项目的推动经常不会在下一年重复出现。这并不令人惊讶,鉴于其名称。假设这些非常规项目在当前年份不再出现,那么我们预计下一年的利润会较弱(在没有业务增长的情况下)。

Our Take On Vongroup's Profit Performance

关于飞凡的利润表现我们的看法

To sum it all up, Vongroup got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. For the reasons mentioned above, we think that a perfunctory glance at Vongroup's statutory profits might make it look better than it really is on an underlying level. If you want to do dive deeper into Vongroup, you'd also look into what risks it is currently facing. To that end, you should learn about the 3 warning signs we've spotted with Vongroup (including 1 which doesn't sit too well with us).

总之,飞凡从非常规项目中获得了利润的良好提升;如果没有这些项目,其法定业绩将会更糟。除此之外,稀释意味着其每股收益表现比利润表现更差。基于上述原因,我们认为仅仅对飞凡的法定利润表进行粗略的浏览可能会使其看起来比其真实的基本水平要好。如果您想更深入地了解飞凡,您还应该了解它目前面临的风险。为此,您应该了解我们发现的3个警示信号(其中1个对我们来说不太令人满意)。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.

在本文中,我们已经查看了许多影响利润数据实用性的因素,并对此持谨慎态度。但是,还有许多其他方法可以了解公司的情况。例如,许多人认为高股权回报率是企业经济有利的指标,而其他人则喜欢“跟着钱”的思路,并寻找内部人员购买的股票。虽然这可能需要一些您自己的研究,但是您可能会发现这个由高股权回报率的公司组成的免费集合,或者这个拥有重要内部人员持股的股票列表有用。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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